Inquiring minds are watching the Treasury’s currency report being delayed and thinks it suggests Washington wants to give diplomacy another chance to convince China it is in everyone’s interest to speed up the yuan’s rise.
By delaying the report until after a Group of 20 leaders summit in Seoul next month, the United States can defuse some political tension. However, it also puts the onus on the G20 to deliver more than just rhetoric on foreign exchange rates.
Treasury Secretary Timothy Geithner probably won’t be winning many friends in Congress, where lawmakers from both political parties back taking a tougher tack on Beijing.
This last paragraph should read, “…won’t be winning many Democrat friends in Congress…”
Some things never change. Or maybe a leopard doesn’t change his spots:
Waiting until after the G20 meeting means the Obama administration won’t have to reveal its decision until after November 2 congressional elections.
No, revealing would mean you actually have made a decision. In his first two years in office Obama’s White House has only come to a quick conclusion in one instance: The pirate episode where supposedly the Navy SEALS were given open orders to shoot the pirates if needed. However, two (2) independent sources confirmed to Surviving California that the White House HAD NOT given such an order. What actually happened was that the SEALS snipers were tired of waiting for the orders and took matters into their own hands. This certainly is much more in line with the history of this administration.
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